From site of Ukrainian
Heraldry:
"It was confirmed at December, 12th, 2001. There is a
rectangular panel with a ratio of the parties 2:3. From the top
and bottom edges are blue-yellow stripes (blue strip width equals
1/10 of a flag width, yellow equals 1/30 of a flag width). At the
centre of a panel is a white falcon on a green background (its
height equals 1/2 width of a flag).
Falcon is symbol of beauty, bravery. The green colour (Green
Bukovyna) means well-being and hope. Blue-yellow strips emphasize
a state belonging of area, the dark blue also personifies
greatest rivers of region. Yellow means grain fields."Jens Pattke, 16 November 2001

Chernivtsi Oblast's got three parts:
1. North Bukovina
2. Northern part of Bessarabia
3. Herta
All the three part was part of the Principality
of Moldova until 1775.

North Bukovina:
On 7th of May 1775 the territory of Bukovina was seized by
Austria. From 1786 Bukovina was an autonomous district of Galicia
Province. From 1849 to 1918 Bukovina was one of the Austrian
Provinces. Bukovina was an ethnic mosaic. In 1910 the province
had got 794,9 thousand settlers (38,4% Ruthenian, 34,4% Rumanian,
12,0% Jew, 9,2% German, 4,5% Polish, 1,3% Hungarians and others).
The Treaty of Saint-Germaine (1919) annexed the territory of
Bukovina (without 4 villages) from Austria to Romania. The
northern part of Bukovina was annexed to Ukraina by the Soviet
Union on 26th June 1940. Between 1941-1944 it was part of
Romania. The Treaty of Paris annexed it to the Soviet Union
(Ukraina).

Northern part of Bessarabia (or Khotin region):
On 28th of May 1812 the Treaty of Bucharest (Russia-Turkey)
annexed the territory of Bessarabia to Russia. It became
territory. In January 1918 Romania occupied the territory and
after the Treaty of Bucharest (Romania-Austria/Hungary 08. 05.
1918) annexed it . Bessarabia was annexed to the Soviet Union on
26th June 1940. The northern part of Bessarabia became part of
Ukraina (the other part (without the seashore) became the
Moldavian Republic). 1941-1944 part of Romania. The Treaty of
Paris annexed it to the Soviet Union (Ukraina).

Herta (In Rumania Herta, in Ukrainian Ghertsa (Gerca)) and
vicinity:
Until 1862 part of Moldova, after the Union
of Moldova and Wallachia it became part of Romania. On 26th
June 1940 the Soviet Union annexed the town and their vicinity.
1941-1944 part of Romania. The Treaty of Paris annexed it to the
Soviet Union (Ukraina).

I believe it is actually "Chernowitz" in German. By
the way, the German name for the region (Buchenland) means
"land of beeches", as far as I know.Santiago Dotor, 17 July 2000

It was Czernowitz until 1918. (see Stielers Handatlas 1877
& 1912; Brockhaus' Kleines Konversations-Lexikon, 1914,
&c. In Fischers Weltalmanach 2000 it is called Chernivtsi;
Duden Lexikon (1965) has Tschernowitz.
CoA with a big cattle-head on blue-red field; between the horns
and to the left and right of the head 3 or mullets of 6.
Landesfarben: Blue - Red (according to Brockhaus).Jarig Bakker, 17 July 2000

In 1994 the regional council of Chernivtsi confirmed a
regional Coat of Arms. A shield is cut with gules and vert. In
the right half there is the town Coat of Arms of Chernivtsi, in
the left half there are three ,one on the other, beech nuts. The
shield is crowned with an argent old Slavonic falcon and is
framed with a wreath of the beech branches which are connected
with a azure-and-yellow ribbon. Jarig Bakker